Equity market gains 96 points in range bound trading

KARACHI: The equity market ended with 96 points gain on Friday in a range bound trading activity.

The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) closed at 38,649 points as against 38,553 points showing an increase of 96 points.

Analysts at Arif Habib Limited said the market performed range bound between -69 points and +180 points and did not oscillate much.

Most volume (for the third consecutive session) was observed in UNITY rights of 25 million shares as against total market volume of 138 million (18 percent).

Cement sector performed well on the release of cement dispatch data that showed growth in sales volume against expectation, however, selling pressure kept the price growth in check. Banks, Cement and Power sector led the volumes table (other than Vanaspati), which was mainly contributed by BOP, FCCL and KEL respectively.

Sectors contributing to the performance include O&GMCs (+34 points), Cement (+34 points), Fertilizer (+21 points), Textile (+18 points), Banks (+17 points), Power (-32 points).

Volumes increased slightly to 137.7 million shares as against 132.2 million shares (+4 percent DoD).

Average traded value also increased by 18 percent to reach US$ 36.9 million as against US$ 31.3 million.

Stocks that contributed significantly to the volumes include UNITYR1, BOP, KEL, ASL and FCCL, which formed 38 percent of total volumes.

Stocks that contributed positively include OGDC (+18 points), UBL (+18 points), ENGRO (+17 points), LUCK (+15 points), and SNGP (+13 points). Stocks that contributed negatively include HUBC (-36 points), HBL (-33 points), PSEL (-25 points), PPL (-10 points) and FFBL (-5 points).

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